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Oil futures end sharply higher on falling U.S. output signs

Oil futures jumped sharply Friday to end the week with strong gains on signs a decline in U.S. output is gathering steam. West Texas Intermediate crude futures for May delivery rose $2.46, or 6.6%, to end at $39.72 a barrel, booking a weekly rise of 8%. Crude maintained Friday gains after data showed the number of U.S. oil rigs continued to decline. Data earlier this week showed an unexpected drop in crude oil inventories and a further rise in U.S. refinery capacity utilization.

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Gold futures end higher, post best weekly gain in 3 weeks

Gold prices ended higher Friday, capping one of its best weekly runs in three weeks as worries about the global economy and lackluster coming quarterly corporate results supported bids in the yellow metal. June gold settled up $6.30, or 0.5%, to $1,243.80 an ounce, and finished up the week 1.7% higher–its best weekly advance since March 17, according to FactSet data.

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Oil futures maintain sharp gains after further drop in rig count

Oil futures maintained sharp gains Friday after data showed the number of U.S. oil rigs continued fell for a third straight week. Oil-field services firm Baker Hughes said the number of active oil rigs declined to 354 from 362 a week earlier. Compared with the same time last year, the number of rigs has fallen by 406. West Texas Intermediate crude for May delivery maintained sharp gains scored ahead of the data, trading at $39.62 a barrel, a gain of $2.38, or 6.4%. The U.S. benchmark is on track for a weekly gain of more than 7.5% on signs a decline in domestic output may be accelerating amid a pickup in demand.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Canadian dollar retakes key level as oil prices soar

The Canadian dollar strengthened against its U.S. rival Friday as renewed optimism about the prospects for global economic growth sent oil prices soaring. The U.S. dollar retreated below the key C$1.30 level for the first time in a week, with one dollar buying C$1.2982 in recent trade. By comparison, it bought C$1.3143 late Thursday in New York. Robust data on housing starts and the Canadian labor market also helped support the currency by giving the Bank of Canada more reasons to keep monetary policy on hold. Canada is a major crude-oil exporter and moves in its currency, also referred to as the loonie, are often closely correlated to moves in oil prices.

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DepoMed’s stock soars on heavy volume after Starboard discloses stake

DepoMed Inc.’s stock soared 18% in active trade Friday, after hedge fund Starboard Value disclosed a large stake in the drug maker, and said it would push for actions to boost shareholder value. Volume approached 4 million shares within the first 20 minutes of trade, or already almost double the full-day average. DepoMed responded to Starboard on Friday, saying it welcomes communications with its shareholders. The company said, however, that Starboard didn’t try to hold discussion with the company before it the filing late Thursday that disclosed Starboard’s new stake.

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U.S. stocks open higher as oil jumps

U.S. stocks opened higher on Friday, lifted by a rebound in oil prices. The main indexes were still on track to finish the week with modest losses. The S&P 500 climbed 11 points, or 0.6%, to 2,053. The Dow Jones Industrial Average gained 100 points, or 0.6%, to 17,640. Meanwhile, the Nasdaq Composite advanced 32 points, or 0.7%, to 4,880 at the open.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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